REAFFIRMING THE CEO EFFECT IS SIGNIFICANT AND MUCH LARGER THAN CHANCE: A COMMENT ON FITZA (2014)

• 成果类型: Editorial Material
• 署名作者: Quigley, Timothy J.; Graffin, Scott D.
• 署名单位: University System of Georgia; University of Georgia
• 刊物名称: STRATEGIC MANAGEMENT JOURNAL
• ISSN/ISSBN: 0143-2095
• DOI: 10.1002/smj.2503
• 发表日期: 2017
• 页码: 793-801
• 关键词: CEO effect; firm performance; variance decomposition; UPPER ECHELONS; CEOS

摘要

A recent study by Fitza argued that the prior estimates of the Chief Executive Officer (CEO) effect are conflated with events outside the CEO's control, are largely the result of random chance, and that the true CEO effect is smaller than has been previously estimated. We suggest that the empirical methodology employed by Fitza to support these claims substantially overstates the random chance element of the CEO effect. We replicate Fitza's findings, highlight methodological issues, offer alternative conclusions, and using multilevel modeling (MLM), suggest that his analyses mischaracterize the CEO effect. Copyright (C) 2016 John Wiley & Sons, Ltd.